SISCO Q1 2022 net profit plunges 98% to SAR 0.8 mln

SISCO Q1 2022 net profit plunges 98% to SAR 0.8 mln

17/05/2022 Argaam Exclusive

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Saudi Industrial Services Co.’s (SISCO) net profit after Zakat and tax plunged to SAR 0.8 million for Q1 2022, down 98% from SAR 32.3 million in Q1 2021.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 258.30 212.56 (17.7 %)
Gross Income 134.88 90.21 (33.1 %)
Operating Income 94.75 46.44 (51.0 %)
Net Income 32.28 0.78 (97.6 %)
Average Shares 81.60 81.60 -
EPS (Riyals) 0.40 0.01 (97.6 %)

The earnings drop came due to the ongoing global supply chain disruptions, compounded by the resumption of pandemic restrictions in China that affected gateway and transshipment volumes in the ports segment.

 

Revenues and profitability in the water segment were impacted due to a decrease in production of the desalination plant at Kindasa facility for two consecutive months, leading to a loss incurred by the subsidiary.

 

However, SISCO noted that all issues related to the decline have been resolved.

 

SISCO turned to profit in Q1 2022 compared to a loss of SAR 0.85 million in Q4 2021, as the previous quarter saw a decline in margins due to lower gateway volumes in the ports segment. The firm also noted a number of one-off items amounting to a net adjustment of SAR 6.5 million in Q4 2021.

 

Shareholders’ equity, excluding minority interest, fell 2.08% to SAR 1.455 billion by the end of Q1 2022, compared to SAR 1.486 billion in the year-ago period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 123.55 14.7 % 61.47 29.7 % 34.75 103.7 %
Q2 2013 142.55 17.3 % 76.21 47.0 % 44.07 54.2 %
Q3 2013 128.33 4.3 % 62.64 14.1 % 31.20 (7.5 %)
Q4 2013 125.60 3.6 % 59.30 (3.8 %) 33.37 4.2 %
Q1 2014 121.44 (1.7 %) 56.32 (8.4 %) 27.05 (22.2 %)
Q2 2014 143.10 0.4 % 71.87 (5.7 %) 40.99 (7.0 %)
Q3 2014 161.91 26.2 % 86.42 38.0 % 51.43 64.9 %
Q4 2014 147.29 17.3 % 73.75 24.4 % 39.56 18.5 %
Q1 2015 146.31 20.5 % 74.16 31.7 % 35.59 31.6 %
Q2 2015 164.46 14.9 % 82.57 14.9 % 50.08 22.2 %
Q3 2015 153.25 (5.3 %) 71.23 (17.6 %) 42.98 (16.4 %)
Q4 2015 152.07 3.2 % 78.61 6.6 % 43.50 9.9 %
Q1 2016 171.64 17.3 % 76.93 3.7 % 41.78 17.4 %
Q2 2016 182.51 11.0 % 85.56 3.6 % 50.73 1.3 %
Q3 2016 163.81 6.9 % 67.57 (5.1 %) 32.79 (23.7 %)
Q4 2016 172.82 13.6 % 62.65 (20.3 %) 32.69 (24.8 %)
Q1 2017 171.96 0.2 % 75.20 (2.3 %) 38.76 (7.2 %)
Q2 2017 149.29 (18.2 %) 61.88 (27.7 %) 30.98 (38.9 %)
Q3 2017 123.35 (24.7 %) 39.42 (41.7 %) 10.12 (69.1 %)
Q4 2017 117.81 (31.8 %) 22.19 (64.6 %) (5.84) (117.9 %)
Q1 2018 117.98 (31.4 %) 37.14 (50.6 %) 3.85 (90.1 %)
Q2 2018 150.93 1.1 % 55.83 (9.8 %) 24.59 (20.6 %)
Q3 2018 147.42 19.5 % 54.11 37.3 % 17.75 75.4 %
Q4 2018 148.38 25.9 % 74.99 238.0 % 41.90 817.3 %
Q1 2019 166.52 41.1 % 72.67 95.7 % 33.31 765.8 %
Q2 2019 180.69 19.7 % 77.55 38.9 % 43.31 76.2 %
Q3 2019 172.16 16.8 % 70.16 29.7 % 14.91 (16.0 %)
Q4 2019 156.52 5.5 % 39.92 (46.8 %) 1.87 (95.5 %)
Q1 2020 167.29 0.5 % 53.17 (26.8 %) 13.41 (59.7 %)
Q2 2020 215.57 19.3 % 115.88 49.4 % 73.16 68.9 %
Q3 2020 259.67 50.8 % 132.15 88.4 % 91.66 514.6 %
Q4 2020 378.33 141.7 % 122.53 206.9 % 78.01 4069.5 %
Q1 2021 258.30 54.4 % 134.88 153.7 % 94.75 606.6 %
Q2 2021 252.15 17.0 % 123.56 6.6 % 83.58 14.2 %
Q3 2021 223.27 (14.0 %) 97.02 (26.6 %) 54.11 (41.0 %)
Q4 2021 251.69 (33.5 %) 91.01 (25.7 %) 45.90 (41.2 %)
Q1 2022 212.56 (17.7 %) 90.21 (33.1 %) 46.44 (51.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 13.44 107.2 % 0.16 (0.05) 13.49 0.17
Q2 2013 19.59 78.7 % 0.24 (0.19) 19.79 0.24
Q3 2013 11.25 (5.7 %) 0.14 (0.12) 11.37 0.14
Q4 2013 11.76 32.8 % 0.14 (1.12) 12.88 0.16
Q1 2014 12.37 (8.0 %) 0.15 5.74 6.63 0.08
Q2 2014 21.72 10.8 % 0.27 - 21.72 0.27
Q3 2014 25.53 127.0 % 0.31 - 25.53 0.31
Q4 2014 18.46 57.0 % 0.23 - 18.46 0.23
Q1 2015 18.47 49.3 % 0.23 - 18.47 0.23
Q2 2015 25.22 16.1 % 0.31 - 25.22 0.31
Q3 2015 24.79 (2.9 %) 0.30 - 24.79 0.30
Q4 2015 22.03 19.3 % 0.27 - 22.03 0.27
Q1 2016 24.21 31.1 % 0.30 2.50 21.71 0.27
Q2 2016 29.04 15.1 % 0.36 - 29.04 0.36
Q3 2016 15.67 (36.8 %) 0.19 - 15.67 0.19
Q4 2016 21.34 (3.1 %) 0.26 6.88 14.46 0.18
Q1 2017 22.13 (8.6 %) 0.27 - 22.13 0.27
Q2 2017 24.10 (17.0 %) 0.30 11.19 12.91 0.16
Q3 2017 5.68 (63.8 %) 0.07 - 5.68 0.07
Q4 2017 6.91 (67.6 %) 0.08 12.80 (5.89) (0.07)
Q1 2018 0.57 (97.4 %) 0.01 - 0.57 0.01
Q2 2018 12.04 (50.1 %) 0.15 - 12.04 0.15
Q3 2018 11.10 95.6 % 0.14 - 11.10 0.14
Q4 2018 23.04 233.5 % 0.28 3.10 19.94 0.24
Q1 2019 16.90 2864.9 % 0.21 - 16.90 0.21
Q2 2019 21.34 77.3 % 0.26 - 21.34 0.26
Q3 2019 6.74 (39.3 %) 0.08 - 6.74 0.08
Q4 2019 5.94 (74.2 %) 0.07 - 5.94 0.07
Q1 2020 26.60 57.4 % 0.33 19.30 7.30 0.09
Q2 2020 56.52 164.9 % 0.69 45.55 10.97 0.13
Q3 2020 28.16 317.6 % 0.35 - 28.16 0.35
Q4 2020 39.74 568.8 % 0.49 - 39.74 0.49
Q1 2021 32.28 21.3 % 0.40 - 32.28 0.40
Q2 2021 22.47 (60.2 %) 0.28 - 22.47 0.28
Q3 2021 3.98 (85.9 %) 0.05 - 3.98 0.05
Q4 2021 (0.85) (102.1 %) (0.01) - (0.85) (0.01)
Q1 2022 0.78 (97.6 %) 0.01 - 0.78 0.01

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 46.98 % 47.60 % 9.28 %
Q2 2013 49.82 % 48.95 % 10.63 %
Q3 2013 50.80 % 47.87 % 10.41 %
Q4 2013 49.93 % 47.92 % 11.06 %
Q1 2014 49.13 % 46.89 % 9.78 %
Q2 2014 48.24 % 46.63 % 10.14 %
Q3 2014 49.62 % 47.59 % 12.09 %
Q4 2014 50.26 % 46.83 % 12.61 %
Q1 2015 51.15 % 46.51 % 14.06 %
Q2 2015 51.12 % 46.37 % 14.14 %
Q3 2015 49.36 % 45.78 % 14.22 %
Q4 2015 49.76 % 46.55 % 14.69 %
Q1 2016 48.23 % 46.11 % 14.62 %
Q2 2016 47.36 % 45.41 % 14.79 %
Q3 2016 46.07 % 43.57 % 13.20 %
Q4 2016 42.37 % 41.45 % 11.71 %
Q1 2017 42.10 % 41.23 % 11.76 %
Q2 2017 40.63 % 40.77 % 9.90 %
Q3 2017 38.73 % 40.08 % 8.93 %
Q4 2017 35.33 % 37.63 % 6.19 %
Q1 2018 31.59 % 35.74 % 2.61 %
Q2 2018 30.31 % 34.95 % 2.43 %
Q3 2018 31.69 % 35.54 % 3.34 %
Q4 2018 39.32 % 42.14 % 7.73 %
Q1 2019 42.01 % 43.79 % 9.78 %
Q2 2019 43.44 % 44.42 % 10.77 %
Q3 2019 44.23 % 42.45 % 9.72 %
Q4 2019 38.51 % 37.19 % 7.53 %
Q1 2020 35.59 % 34.31 % 6.11 %
Q2 2020 39.23 % 36.37 % 4.35 %
Q3 2020 42.69 % 42.51 % 6.55 %
Q4 2020 41.51 % 41.15 % 8.44 %
Q1 2021 45.46 % 45.55 % 10.00 %
Q2 2021 44.68 % 46.11 % 10.68 %
Q3 2021 42.98 % 44.17 % 8.86 %
Q4 2021 45.31 % 45.88 % 5.87 %
Q1 2022 42.76 % 43.12 % 2.81 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 81.60 0.55 0.56 9.51
Q2 2013 81.60 0.66 0.66 9.83
Q3 2013 81.60 0.65 0.66 9.93
Q4 2013 81.60 0.69 0.70 10.13
Q1 2014 81.60 0.67 0.62 10.25
Q2 2014 81.60 0.70 0.64 10.53
Q3 2014 81.60 0.87 0.82 10.94
Q4 2014 81.60 0.96 0.89 11.19
Q1 2015 81.60 1.03 1.03 11.37
Q2 2015 81.60 1.07 1.07 11.28
Q3 2015 81.60 1.07 1.07 11.58
Q4 2015 81.60 1.11 1.11 11.91
Q1 2016 81.60 1.18 1.15 12.07
Q2 2016 81.60 1.23 1.20 11.98
Q3 2016 81.60 1.11 1.08 12.17
Q4 2016 81.60 1.11 0.99 12.36
Q1 2017 81.60 1.08 1.00 12.68
Q2 2017 81.60 1.02 0.80 12.99
Q3 2017 81.60 0.90 0.68 13.07
Q4 2017 81.60 0.72 0.43 13.08
Q1 2018 81.60 0.46 0.16 13.09
Q2 2018 81.60 0.31 0.15 12.90
Q3 2018 81.60 0.38 0.22 13.06
Q4 2018 81.60 0.57 0.53 13.34
Q1 2019 81.60 0.77 0.73 13.50
Q2 2019 81.60 0.89 0.85 13.31
Q3 2019 81.60 0.83 0.80 13.37
Q4 2019 81.60 0.62 0.62 13.37
Q1 2020 81.60 0.74 0.51 13.65
Q2 2020 81.60 1.17 0.38 13.76
Q3 2020 81.60 1.44 0.64 14.10
Q4 2020 81.60 1.85 1.06 14.39
Q1 2021 81.60 1.92 1.36 14.79
Q2 2021 81.60 1.50 1.50 14.29
Q3 2021 81.60 1.21 1.21 18.60
Q4 2021 81.60 0.71 0.71 18.21
Q1 2022 81.60 0.32 0.32 17.83

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 22.34 22.23 1.30
Q2 2013 17.24 17.11 1.16
Q3 2013 19.26 19.06 1.26
Q4 2013 20.44 19.92 1.39
Q1 2014 22.01 23.89 1.45
Q2 2014 20.89 22.68 1.39
Q3 2014 18.60 19.89 1.49
Q4 2014 13.14 14.18 1.12
Q1 2015 13.49 13.49 1.22
Q2 2015 14.12 14.12 1.34
Q3 2015 12.22 12.22 1.12
Q4 2015 11.02 11.02 1.03
Q1 2016 9.10 9.34 0.89
Q2 2016 8.95 9.18 0.92
Q3 2016 9.73 10.00 0.89
Q4 2016 11.22 12.52 1.00
Q1 2017 11.61 12.59 0.99
Q2 2017 11.64 14.86 0.91
Q3 2017 13.60 18.06 0.93
Q4 2017 15.82 26.72 0.87
Q1 2018 28.43 79.86 0.99
Q2 2018 47.94 97.47 1.15
Q3 2018 34.27 58.90 0.98
Q4 2018 18.92 20.27 0.81
Q1 2019 17.85 18.78 1.02
Q2 2019 16.28 17.01 1.09
Q3 2019 18.24 19.11 1.14
Q4 2019 31.41 31.41 1.47
Q1 2020 23.23 34.08 1.26
Q2 2020 17.72 54.82 1.51
Q3 2020 18.48 41.37 1.88
Q4 2020 17.51 30.68 2.25
Q1 2021 20.05 28.26 2.60
Q2 2021 31.30 31.30 3.29
Q3 2021 35.51 35.51 2.30
Q4 2021 43.28 43.28 1.69
Q1 2022 88.01 88.01 1.60

Business Segments (Million)

Compared With The
Period Port development and operation Logistics spaces and support services Water desalination and distriution Industrial support service
Q1 2013 81.71 17.89 17.10 6.86
Q2 2013 97.91 17.70 19.94 7.00
Q3 2013 90.45 18.80 12.11 6.97
Q4 2013 82.45 21.26 18.56 3.32
Q1 2014 74.88 22.26 19.29 5.01
Q2 2014 91.09 23.88 23.63 4.49
Q3 2014 103.17 29.55 24.82 4.37
Q4 2014 97.38 26.12 23.74 -
Q1 2015 96.48 25.11 24.72 -
Q2 2015 110.85 25.18 28.43 -
Q3 2015 100.36 25.61 27.28 -
Q4 2015 102.03 24.57 25.47 -
Q1 2016 119.74 25.79 26.11 -
Q2 2016 130.38 24.93 27.20 -
Q3 2016 113.35 24.63 25.82 -
Q4 2016 119.94 26.23 26.65 -
Q1 2017 119.03 28.18 24.75 -
Q2 2017 102.75 21.56 24.98 -
Q3 2017 75.63 22.91 24.81 -
Q4 2017 71.64 22.28 23.89 -
Q1 2018 76.21 17.54 24.22 -
Q2 2018 100.74 24.14 26.06 -
Q3 2018 101.92 21.50 24.00 -
Q4 2018 109.49 20.26 18.64 -
Q1 2019 124.60 20.30 21.61 -
Q2 2019 139.26 19.43 22.00 -
Q3 2019 126.30 21.90 23.95 -
Q4 2019 114.20 18.12 24.20 -
Q1 2020 123.83 19.28 24.19 -
Q2 2020 175.33 19.36 20.87 -
Q3 2020 214.80 21.66 23.20 -
Q4 2020 329.56 24.79 23.98 -
Q1 2021 211.46 23.98 22.86 -
Q2 2021 200.39 26.70 25.06 -
Q3 2021 170.52 26.68 26.07 -
Q4 2021 205.72 23.62 22.35 -
Q1 2022 172.74 22.91 16.91 -

Analysts Estimates (Million)

Item Q1 2022 (e) Q1 2022 (a) Change‬
Average 2.00 0.78 (61.1 %)

Estimates vs Actual (Million)

Item Q1 2022 (e) Q1 2022 (a) Change
Al Rajhi Capital 2.00 0.78 (61.1) %

Current
Market Cap (M Riyal) 2,439.84
Enterprise Value (EV) (M) 3,705.01
Shares Outstanding ((M)) 81.60
EPS ( Riyal) (TTM) (0.16)
Book Value (BV) ( Riyal) 17.76
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 45.40
P/E (TTM) NEG
Price/book 1.68
Return on Average Assets (%) (TTM) (0.23 )
Return on Average Equity (%) (TTM) (0.89 )

Share Price

Sustained Infrastructure Holding Co. (SISCO HOLDING)


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